Aptos soars 17% to 7-month high with potential 94% rally

Aptos (CRYPTO:APT), the governance token of the Layer-1 blockchain network, surged 17% in the past 24 hours, reaching $10.05—its highest price in seven months.

According to data, this positions APT as the top performer among the top 100 cryptocurrencies by market capitalization during this period.

Based on current market analysis, Aptos is showing strong bullish signals, with technical indicators suggesting the upward momentum could continue.

The Aroon Up Line, which measures trend direction, is currently at 100%, indicating that APT has recently reached a new high.

The Parabolic Stop and Reverse (SAR) indicator also supports this outlook, with its dots remaining below APT’s price, suggesting upward pressure on the asset.

According to APT’s funding rate, many futures traders are aligned with this bullish trend.

At press time, APT’s funding rate is positive at 0.012%, indicating that traders expect the price to continue rising, leading to increased demand for long positions.

If APT sustains its current trajectory and surpasses long-term resistance levels, the token could see a 94% rally, potentially reaching a price of $19.35.

However, based on market observations, analysts warn that if profit-taking increases and buying pressure weakens, APT could retrace to $7.54 or even drop to its August low of $4.32.

As APT continues to experience strong performance, its future price movement will depend on how the market responds to these potential scenarios.

At the time of writing, the Aptos price was $10.10.